Ok so its a bit of an excuse, but there are some valuable sporting lessons that we can apply to our trading. I’ve just been watching an endurance motor sport event. But you translate this from any spot that you choose.
1. Specific skill. A driver and a team need very specific skills to survive and succeed. As a trader you need to understand what you need to do to succeed. You must gain the skills specific to trading or you will not succeed.
2. Preparation. You prepare to trade as you would in sports. You need the mental preparation. Think about what your favourite sports men and women do to be ready for their competition. You are no different. Trading is a tough game and you need to be mentally at the top of your game. A football team prepares for weeks before the beginning a of a new season.
3. Organisation. If you haven’t ever seen the pit garage of a top motor sport team you might be surprised. You might expect oil and grease
4. Adaptability. Situations change, markets and economies change, you must change with them. Your favourite technical indicators of today may fail to work next month.
5. Ability to cope with setbacks. Especially in your early days loses are going to hit you harder than you might expect
6. Persistence. Trading.is a marathon not a sprint. It’s not your average over 20 trades that counts its 500 or 1000.
7. Courage. It can be difficult to return to your trading after a run of loses, and even harder to act on your signals.
8. Confidence. It takes confidence to start trading and confidence every day to stay in the markets. If you start to have fear or doubt your trading will immediately suffer.
9. Team work. You are mostly the entire team; you make the decisions, take the trades and make the coffee. If you have a partner it really helps if they understand why you are trading and can offer support and belief
Attention to details. Race cars with total attention to details win races, and traders who have all aspects of their trading
If you’re a sports lover think about your favourite team or competitor. How do they prepare, what sort of mental attitude do they take, do they appear confident and courageous? What behaviours can you model in order to improve your trading.
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Happy Trading
Ian Newton
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